Home Point Financial Corporation
Home Point Financial is a national top twenty mortgage lender focused on mortgage origination and servicing. Headquartered in Ann Arbor, Michigan, Home Point Financial operates in nearly 50 states and is dedicated to providing quality and consistency with every transaction. Our operating philosophy can be described very simply – We Care – with a mission to provide a superior customer experience through our innovative approach to product and service delivery.
I refinance my first mortgage with Home Point in order to get rid of my PMI insurance from my first mortgage, which was around $250 a month. Three months after refinancing, Home Point raised my monthly mortgage payment by $400 a month saying that they had miscalculated my escrow. I know how much my taxes and home insurance fees are and there is no way that their calculation was even remotely correct. Rather than deal with them for the next 30 years, I refinanced again and took a little bit of a loss, but it was worth it rather than to give money to these scammers.
I refinanced with Quicken/Rocket Mortgage and they put my monthly mortgage costs exactly where they should be and I even saved a little bit more because Quicken offered me a better interest rate.
I wish I read Home Point's reviews before refinancing the first time. Hopefully, you are smarter than I was and read reviews first! Don't use them. They suck.
I called with a question about our escrow account. The gentleman I talked to, did not bother to even let me finish explaining what we needed, before he put me on hold. He then came back with the wrong information, and got very rude with me, because he didn't understand what I was saying, mostly because he wasn't listening to what I needed in the first place. I understand our escrow circumstance is probably very unique, but I still expect to have respectful help. I still do not have the answers I need, and I have to call them back for an update in a week. In which I will have to wait another hour before I get through to someone. Very rude gentleman, and not at all pleased.
The appraisal company that they used, Solififi, was completely inappropriate. They scammed me out of $500.
In the midst of a worldwide crisis Home Point Financial will delay your month of mortgage and then you have to pay 2 payments the following month. I was told that is what they are offering. I will be refinancing ASAP.
My husband and I are business owners and thanks to coronavirus one business is completely closed and the other is operating at half. We don’t qualify for unemployment, there is no financial assistance coming to us and we are in a panic just like the rest of the world.
Most people I know, there mortgage companies are deferring payments to the end of the mortgage so people don’t have to panic and fall deeper into debt.
A very nice woman informed me that home point was not doing this. Instead they will cancel payments for 3 months and then at the end of 3 months the entire balance is due. So while we have almost no income, we still have to pay the mortgage.
It’s very upsetting that they are not willing to work with us when the entire world is shutting down. The only way we survive this and not fall into another housing collapse or depression is to work together. Home Point doesn’t agree
Home Point Financial was founded in 2015 and is headquartered in Ann Arbor, Mich. The company has grown substantially since it was founded. Total loan volume in 2017 was more than $9 billion, according to the Scotsman Guide.
Home Point Financial is currently licensed in all 50 U.S. states and Washington, D.C.
The application process with Home Point Financial is mostly digital. After providing some basic information via an online application, a mortgage advisor contacts the borrower by phone or email to review loan options.
The minimum credit score required for a mortgage with Home Point Financial depends on the loan program. The lender looks for a minimum credit score of 580 for FHA and VA loans, 620 for conventional and USDA loans, and 661 for jumbo loans.
Borrowers with lower credit scores who have other compensating factors that make them a good candidate for a loan could still be eligible, as Home Point Financial does offer manual underwriting.
Home Point Financial lends on the following types of properties:
The company does not lend on the following types of properties:
Home Point Financial offers a variety of loan programs for purchasing or refinancing a home or tapping into a home’s equity.
Home Point Financial’s Home Point Edge program is designed to help borrowers who might have a difficult time getting approved for a mortgage, including those who are self-employed or have had some credit issues.
The program currently has two tiers:
How to apply. You can start the loan application process online by creating an account and providing some basic information about yourself, your assets and income, and the type of property you’re interested in buying or refinancing.
Disclosure process. The online account you set up to begin the application process is also a portal for communicating with your mortgage advisor. Once you complete an application, you can sign disclosures and upload supporting documents via the portal. A Home Point Financial mortgage advisor will run your credit and work with you to decide on the best loan program for your situation.
Submitting loan for approval. Once you’ve decided on a loan program, your application and supporting documents will move on to an underwriter who will verify the information included in your application and may request additional documentation.
Final approval. Once your Home Point Financial mortgage advisor receives your appraisal, he or she finalizes approval.
Closing. Your mortgage advisor will work with you to select the closing time and place. Depending on the laws in the state where you live, this may take place at your real estate agent’s office, the title company or an attorney’s office.
Initial contact. A mortgage advisor will start the application process and help you decide on a loan program suited for your situation.
Underwriting. Once you complete your application and select a loan program, an underwriter may reach out to you to request additional documentation to verify your income, assets and debt. Throughout the process, you can check on the status of your loan and review and sign documents through your customer portal.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.